08:16 AM EDT, 05/28/2024 (MT Newswires) -- (Updates additional details in headline and story from the second paragraph.)

PayPal Holdings ( PYPL ) is planning to build an ad sales business around the data it generates from tracking the purchases and spending behaviors of the millions of consumers who use its services, The Wall Street Journal reported Tuesday.

The new business will also track the broader spending habits of customers, including those that use its Venmo app and its PayPal ( PYPL ) credit card, the Journal reported. The company has already hired Uber's (UBER) former advertising business leader Mark Grether to oversee the new business.

PayPal ( PYPL ) plans to sell ads to business customers and external clients who do not use its payment system. "If you're someone who's buying products on the web, we know who is buying the products where, and we can leverage the data," Grether told the Journal.

Shoppers can choose to opt out of providing their data to PayPal ( PYPL ) for targeting advertising purposes.

PayPal ( PYPL ) did not immediately reply to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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